PineBridge refinances $509.9 million CLO notes; non-high-grade secondary volume climbs

By Cristal Cody

Tupelo, Miss., Aug. 25 – PineBridge Investments LLC priced a $509.9 million refinancing and reset of a 2015 CLO deal in the firm’s third refinancing of the year.

In the deal, Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC sold $313 million of class A-1-R senior floating-rate notes at Libor plus 122 basis points and $61 million of class A-2-R senior floating-rate notes at Libor plus 170 bps in the senior tranches.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The maturity on the refinanced notes was extended to July 24, 2030 from the original Feb. 16, 2027 maturity.

More than $116 billion of U.S. dollar-denominated CLOs have been refinanced year to date, according to market sources.

In the securitized secondary market, trading volume was strong on Thursday compared to the rest of the week, Trace reported.

During the session, $106.58 million of high-grade CBO/CDO/CLO issues and $569.9 million of non-investment-grade securities were traded.

On Wednesday, $109.36 million of high-grade issues and $50.37 million of non-investment-grade securities were traded, while trading volume on Tuesday totaled $47.15 million in investment-grade issues and $48.9 million in the lower-rated tranches.

On Monday, $51.2 million of high-grade CBO/CDO/CLO issues traded, with too little trading volume in non-investment-grade securities to register, according to Trace.

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